Exhibit 1 - Walnut Place LLC v. Country Wide Home Loans Inc

8/7/2019 Exhibit 1 - Walnut Place LLC v. Country Wide Home Loans Inc

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EX-99.1

2

efc6-1951_5903752ex991.txt

Exhibit 99.1

EXECUTION COPY

=========================

CWALT, INC.,

Depositor

COUNTRYWIDE HOME LOANS, INC.,

Seller

PARK GRANADA LLC,

Seller

PARK MONACO INC.,

Seller

PARK SIENNA LLC,

Seller

COUNTRYWIDE HOME LOANS SERVICING LP,

Master Servicer

and

THE BANK OF NEW YORK,

Trustee

-----------------------------------

POOLING AND SERVICING AGREEMENT

Dated as of June 1, 2006

-----------------------------------

ALTERNATIVE LOAN TRUST 2006-OA10

MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-OA10

=========================

TABLE OF CONTENTS

Page

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ARTICLE I DEFINITIONS

ARTICLE II CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND WARRANTIES

SECTION 2.01. Conveyance of Mortgage Loans......................................................42

SECTION 2.02. Acceptance by Trustee of the Mortgage Loans.......................................46

SECTION 2.03. Representations, Warranties and Covenants of the Sellers and Master Servicer......48

SECTION 2.04. Representations and Warranties of the Depositor as to the Mortgage Loans..........50

SECTION 2.05. Delivery of Opinion of Counsel in Connection with Substitutions...................51

SECTION 2.06. Execution and Delivery of Certificates............................................51

SECTION 2.07. REMIC Matters.....................................................................52

SECTION 2.08. Covenants of the Master Servicer..................................................52

ARTICLE III ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

SECTION 3.01. Master Servicer to Service Mortgage Loans.........................................53

SECTION 3.02. Subservicing; Enforcement of the Obligations of Servicers.........................54

SECTION 3.03. Rights of the Depositor, the NIM Insurer and the Trustee in Respect of the

Master Servicer...................................................................54

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SECTION 3.04. Trustee to Act as Master Servicer.................................................55

SECTION 3.05. Collection of Mortgage Loan Payments; Certificate Account; Distribution

Account; Carryover Reserve Fund; Principal Reserve Fund and Corridor Contract

Reserve Fund......................................................................55

SECTION 3.06. Collection of Taxes, Assessments and Similar Items; Escrow Accounts...............59

SECTION 3.07. Access to Certain Documentation and Information Regarding the Mortgage Loans......60

SECTION 3.08. Permitted Withdrawals from the Certificate Account, the Distribution Account,

the Carryover Reserve Fund; the Principal Reserve Fund and the Corridor

Contract Reserve Fund.............................................................60

SECTION 3.09. Maintenance of Hazard Insurance; Maintenance of Primary Insurance Policies........63

SECTION 3.10. Enforcement of Due-on-Sale Clauses; Assumption Agreements.........................64

SECTION 3.11. Realization Upon Defaulted Mortgage Loans; Repurchase of Certain Mortgage

Loans.............................................................................65

SECTION 3.12. Trustee to Cooperate; Release of Mortgage Files...................................69SECTION 3.13. Documents, Records and Funds in Possession of Master Servicer to be Held for

the Trustee.......................................................................69

SECTION 3.14. Servicing Compensation............................................................70

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SECTION 3.15. Access to Certain Documentation...................................................71

SECTION 3.16. Annual Statement as to Compliance.................................................71

SECTION 3.17. Errors and Omissions Insurance; Fidelity Bonds....................................71

SECTION 3.18. Notification of Adjustments.......................................................72

SECTION 3.19. Corridor Contract and Corridor Floor Contract.....................................72

SECTION 3.20. Prepayment Charges................................................................73

ARTICLE IV DISTRIBUTIONS AND ADVANCES BY THE MASTER SERVICER

SECTION 4.01. Advances..........................................................................74

SECTION 4.02. Priorities of Distribution........................................................75

SECTION 4.03. [Reserved]........................................................................84



SECTION 4.06. Monthly Statements to Certificateholders..........................................84

SECTION 4.07. Determination of Pass-Through Rates for COFI Certificates.........................84

SECTION 4.08. Determination of Pass-Through Rates for LIBOR Certificates........................85

SECTION 4.09. Determination of MTA..............................................................87

SECTION 4.10. Distributions from the Corridor Contract Reserve Fund.............................88

SECTION 4.11. Supplemental Interest Trust.......................................................90

ARTICLE V THE CERTIFICATES

SECTION 5.01. The Certificates..................................................................91

SECTION 5.02. Certificate Register; Registration of Transfer and Exchange of Certificates.......92

SECTION 5.03. Mutilated, Destroyed, Lost or Stolen Certificates.................................97

SECTION 5.04. Persons Deemed Owners.............................................................97

SECTION 5.05. Access to List of Certificateholders' Names and Addresses.........................98

SECTION 5.06. Maintenance of Office or Agency...................................................98

ARTICLE VI THE DEPOSITOR AND THE MASTER SERVICER

SECTION 6.01. Respective Liabilities of the Depositor and the Master Servicer...................99

SECTION 6.02. Merger or Consolidation of the Depositor or the Master Servicer...................99

SECTION 6.03. Limitation on Liability of the Depositor, the Sellers, the Master Servicer,

the NIM Insurer and Others........................................................99

SECTION 6.04. Limitation on Resignation of Master Servicer.....................................100

ARTICLE VII DEFAULT

SECTION 7.01. Events of Default................................................................101

SECTION 7.02. Trustee to Act; Appointment of Successor.........................................103

SECTION 7.03. Notification to Certificateholders...............................................104

ARTICLE VIII CONCERNING THE TRUSTEE

SECTION 8.01. Duties of Trustee................................................................105

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SECTION 8.02. Certain Matters Affecting the Trustee............................................106

SECTION 8.03. Trustee Not Liable for Certificates or Mortgage Loans............................107

SECTION 8.04. Trustee May Own Certificates.....................................................107

SECTION 8.05. Trustee's Fees and Expenses......................................................107

SECTION 8.06. Eligibility Requirements for Trustee.............................................108

SECTION 8.07. Resignation and Removal of Trustee...............................................108

SECTION 8.08. Successor Trustee................................................................109

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SECTION 8.09. Merger or Consolidation of Trustee...............................................110

SECTION 8.10. Appointment of Co-Trustee or Separate Trustee....................................110

SECTION 8.11. Tax Matters......................................................................112

SECTION 8.12. Monitoring of Significance Percentage............................................114

ARTICLE IX TERMINATION

SECTION 9.01. Termination upon Liquidation or Purchase of all Mortgage Loans...................115

SECTION 9.02. Final Distribution on the Certificates...........................................115

SECTION 9.03. Additional Termination Requirements..............................................117

ARTICLE X MISCELLANEOUS PROVISIONS

SECTION 10.01. Amendment........................................................................118SECTION 10.02. Recordation of Agreement; Counterparts...........................................119

SECTION 10.03. Governing Law....................................................................120

SECTION 10.04. Intention of Parties.............................................................120

SECTION 10.05. Notices..........................................................................121

SECTION 10.06. Severability of Provisions.......................................................122

SECTION 10.07. Assignment.......................................................................123

SECTION 10.08. Limitation on Rights of Certificateholders.......................................123

SECTION 10.09. Inspection and Audit Rights......................................................123

SECTION 10.10. Certificates Nonassessable and Fully Paid........................................124

SECTION 10.11. [Reserved].......................................................................124

SECTION 10.12. Protection of Assets.............................................................124

SECTION 10.13. Rights of the NIM Insurer........................................................124

ARTICLE XI EXCHANGE ACT REPORTING

SECTION 11.01. Filing Obligations...............................................................126

SECTION 11.02. Form 10-D Filings................................................................126

SECTION 11.03. Form 8-K Filings.................................................................127SECTION 11.04. Form 10-K Filings................................................................127

SECTION 11.05. Sarbanes-Oxley Certification.....................................................128

SECTION 11.06. Form 15 Filing...................................................................128

SECTION 11.07. Report on Assessment of Compliance and Attestation...............................129

SECTION 11.08. Use of Subservicers and Subcontractors...........................................130

SECTION 11.09. Amendments.......................................................................131

SECTION 11.10. Reconciliation of Accounts.......................................................131

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SCHEDULES

Schedule I: Mortgage Loan Schedule.........................................................S-I-1

Schedule II-A: Representations and Warranties of Countrywide...............................S-II-A-1

Schedule II-B: Representations and Warranties of Park Granada..............................S-II-B-1

Schedule II-C: Representations and Warranties of Park Monaco...............................S-II-C-1

Schedule II-D: Representations and Warranties of Park Sienna...............................S-II-D-1

Schedule III-A: Representations and Warranties of Countrywide as to all of the

Mortgage Loans.............................................................S-III-A-1

Schedule III-B: Representations and Warranties of Countrywide as to the

Countrywide Mortgage Loans.................................................S-III-B-1

Schedule III-C: Representations and Warranties of Park Granada as to the Park

Granada Mortgage Loans.....................................................S-III-C-1

Schedule III-D: Representations and Warranties of Park Monaco as to the Park

Monaco Mortgage Loans......................................................S-III-D-1

Schedule III-E: Representations and Warranties of Park Sienna as to the Park

Sienna Mortgage Loans......................................................S-III-E-1

Schedule IV: Representations and Warranties of the Master Servicer.........................S-IV-1

Schedule V: Principal Balance Schedules [if applicable]....................................S-V-1

Schedule VI: Form of Monthly Master Servicer Report........................................S-VI-1

Schedule VII: Prepayment Charge Schedule...................................................S-VII-1

EXHIBITS

Exhibit A: Form of Senior Certificate.......................................................A-1

Exhibit B: Form of Subordinated Certificate.................................................B-1

Exhibit C-1: Form of Class A-R Certificate..................................................C-1-1

Exhibit C-2: Form of Class P Certificate....................................................C-2-1

Exhibit C-3: Form of Class C Certificate....................................................C-3-1

Exhibit C-4 Form of Class R-X Certificate .................................................C-4-1

Exhibit D: Form of Notional Certificate.....................................................D-1

Exhibit E: Form of Reverse of Certificates..................................................E-1

Exhibit F: Form of Initial Certification of Trustee ........................................F-1

Exhibit G: Form of Delay Delivery Certification of Trustee .................................G-1

Exhibit H: Form of Final Certification of Trustee...........................................H-1

Exhibit I: Form of Transfer Affidavit.......................................................I-1

Exhibit J-1: Form of Transferor Certificate (Residual)......................................J-1-1

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Exhibit J-2: Form of Transferor Certificate (Private).......................................J-2-1

Exhibit K: Form of Investment Letter [Non-Rule 144A]........................................K-1

Exhibit L-1: Form of Rule 144A Letter.........................................................L-1

Exhibit L-2: Form of ERISA Letter (Covered Certificates)......................................L-1

Exhibit M: Form of Request for Release (for Trustee)........................................M-1

Exhibit N: Form of Request for Release of Documents (Mortgage Loan) Paid in

Full, Repurchased and Replaced)..................................................N-1

Exhibit O: [Reserved].......................................................................O-1

Exhibit P: [Reserved].......................................................................P-1

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Exhibit Q: Standard & Poor's LEVELS(R) Version 5.6d Glossary Revised,

Appendix E.......................................................................Q-1

Exhibit R-1: Form of Corridor Contract......................................................R-1-1

Exhibit R-2: Form of Corridor Floor Contract................................................R-2-1

Exhibit S-1: Form of Corridor Contract Assignment Agreement.................................S-1-1

Exhibit S-2: [Reserved].....................................................................S-2-1

Exhibit T: Officer's Certificate with respect to Prepayments................................T-1

Exhibit U: Monthly Statement................................................................U-1

Exhibit V-1: Form of Performance Certification (Subservicer)................................V-1-1

Exhibit V-2: Form of Performance Certification (Trustee)....................................V-2-1

Exhibit W: Form of Servicing Criteria to be Addressed in Assessment of Compliance

Statement........................................................................W-1

Exhibit X: List of Item 1119 Parties........................................................X-1

Exhibit Y: Form of Sarbanes-Oxley Certification (Replacement of Master Servicer)............Y-1

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THIS POOLING AND SERVICING AGREEMENT, dated as of June 1, 2006, among

CWALT, INC., a Delaware corporation, as depositor (the "Depositor"),

COUNTRYWIDE HOME LOANS, INC. ("Countrywide"), a New York corporation, as a

seller (a "Seller"), PARK GRANADA LLC ("Park Granada"), a Delaware limited

liability company, as a seller (a "Seller"), PARK MONACO INC. ("Park Monaco"),

a Delaware corporation, as a seller (a "Seller"), PARK SIENNA LLC ("Park

Sienna"), a Delaware limited liability company, as a seller (a "Seller"),

COUNTRYWIDE HOME LOANS SERVICING LP, a Texas limited partnership, as master

servicer (the "Master Servicer"), and THE BANK OF NEW YORK, a banking

corporation organized under the laws of the State of New York, as trustee (the

"Trustee").

WITNESSETH THAT

In consideration of the mutual agreements contained in this Agreement,

the parties to this Agreement agree as follows:

PRELIMINARY STATEMENT

The Depositor is the owner of the Trust Fund that is hereby conveyed

to the Trustee in return for the Certificates. For federal income tax

purposes, the Trust Fund (other than the Carryover Reserve Fund), will consist

of eight real estate mortgage investment conduits (each a "REMIC" or, in the

alternative, the "REMIC 1," "REMIC 2," the "Master REMIC," "REMIC C," "REMIC

1-P," "REMIC 2-P," "REMIC 3-P" and "REMIC 4-P" respectively). Each

Certificate, other than the Class C, Class 1-P, Class 2-P, Class 3-P, Class

4-P, Class R-X and Class A-R Certificates, will represent ownership of one or

more regular interests in the Master REMIC for purposes of the REMIC

Provisions. The Class C Certificates will represent ownership of the sole

regular interest in REMIC C and will be entitled to, respectively, all amountspayable on the assets held by REMIC C. The Class 1-P, Class 2-P, Class 3-P and

Class 4-P Certificates will represent, respectively, ownership of the sole

regular interest in REMIC 1-P, REMIC 2-P, REMIC 3-P and REMIC 4-P and will be

entitled to all amounts payable on the assets held by REMIC 1-P, REMIC 2-P,

REMIC 3-P and REMIC 4-P, respectively. The Class A-R Certificate will

represent ownership of the sole class of residual interest in each of the

REMIC 1, REMIC 2 and the Master REMIC and the Class R-X Certificates will

represent ownership of the sole class of residual interest in each of REMIC C,

REMIC 1-P, REMIC 2-P, REMIC 3-P and REMIC 4-P. Except as described below, none

of the residual interests will be entitled to any payments of interest or

principal.

REMIC C, REMIC 1-P, REMIC 2-P, REMIC 3-P and REMIC 4-P will hold as

assets, respectively, the Class C, Class 1-P, Class 2-P, Class 3-P and Class

4-P Interests in the Master REMIC. The Master REMIC will hold as assets the

several classes of uncertificated REMIC 2 Interests (other than the Class R-2

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Interests). REMIC 2 will hold as assets the several classes of uncertificated

REMIC 1 Interests (other than the Class R-1 Interests). REMIC 1 will hold all

the assets of Loan Group 1, Loan Group 2, Loan Group 3 and Loan Group 4 (other

than the Carryover Reserve Fund). For federal income tax purposes, each REMIC

Interest (other than the interests represented by the Class A-R and Class R-X

Certificates) is hereby designated as a regular interest. The latest possible

maturity date of all REMIC regular interests created hereby shall be the

Latest Possible Maturity Date.

Master REMIC:

The Master REMIC Certificates will have the original certificate

principal balances and pass-through rates as set forth in the following table:

Original Class Pass-Through Related REMIC

Class Certificate Balance Rate or Certif

Class 1-A-1 $ 216,167,000.00 (1) Class 1

Class 1-A-2 $ 108,084,000.00 (1) Class 1

Class 1-A-3 $ 36,028,000.00 (1) Class

Class 2-A-1 $ 243,399,000.00 (1) Class 2

Class 2-A-2 $ 121,700,000.00 (1) Class 2

Class 2-A-3 $ 40,566,000.00 (1) Class

Class 3-A-1 $ 199,704,000.00 (1) Class 3

Class 3-A-2 $ 99,852,000.00 (1) Class Class 3-A-3 $ 33,284,000.00 (1) Class

Class 4-A-1 $ 844,443,000.00 (1) Class 4

Class 4-A-2 $ 422,222,000.00 (1) Class 4

Class 4-A-3 $ 140,740,000.00 (1) Class 4

Class X-NB (2) (1)

Class X-BI (2) (1)

Class X-BJ (2) (1)

Class X-PP (2) (1)

Class X-AD (2) (1)

Class M-1 $ 85,987,000.00 (1) Clas

Class M-2 $ 50,996,000.00 (1) Clas

Class M-3 $ 20,888,000.00 (1) Clas

Class M-4 $ 30,505,000.00 (1) Clas

Class M-5 $ 36,180,000.00 (1) Clas

Class M-6 $ 21,930,000.00 (1) Clas

Class M-7 $ 15,924,000.00 (1) Clas

Class C (3) (3)

Class 1-P $100.00(4) (5) RE

Class 2-P $100.00(4) (6) RE

Class 3-P $100.00(4) (7) RE

Class 4-P $100.00(4) (8) RE

Class A-R $100.00 (9) C

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(1) The Certificates will accrue interest at the related Pass-Through Rates

identified in this Agreement. For federal income tax purposes, (i)(a) the

interest accruing on the Certificates (other than the Class C, Class 1-P,

Class 2-P, Class 3-P, Class 4-P and Class A-R Certificates) will be

treated as subject to a cap equal to the Net Rate Cap calculated without

reference to clause (a)(ii) thereof (the "REMIC Cap"), and (b) any

interest accruing on the Certificates, to the extent it exceeds the

applicable Net Rate Cap but not the REMIC Cap, will be treated as payable

by the Master REMIC or the Class C REMIC to such Certificate (rather thanas an amount paid pursuant to the interest rate cap contract

2

referred to in Section 8.11), and (ii) the Class X Certificates will have

the pass through rates in respect of their corresponding REMIC 2

Interests.

(2) These Classes have no Class Certificate Balances but will accrue interest

on their respective Notional Amounts (initially $360,279,000,

$405,665,000, $332,840,000, $219,756,800 and $714,209,600, respectively).

For federal income tax purposes, these Classes will have the notional

balances of their corresponding REMIC 2 Interests.

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(3) The Class C Interest has no principal balance. For income tax purposes,

this Class C Master REMIC Interest will accrue interest at a rate equal

to the excess of the REMIC Cap over the product of 2 and the weighted

average of the pass through rates in respect of the Accretion Directed

Classes and the Class 2-Accrual Interest treating the Accretion Directed

Classes as subject to a cap equal to the pass through rate in respect of

their Corresponding Master REMIC Class and the Class 2-Accrual Interest

as subject to a cap of zero.

(4) This Class also has a notional balance equal to the aggregate Stated

Principal Balance of the Mortgage Loans in the related Loan Group that

require the payment of a Prepayment Charge. The minimum denomination for

the Class 1-P, Class 2-P, Class 3-P and Class 4-P Certificates is a 20%Percentage Interest. Any Percentage Interest in excess of 20% is an

authorized denomination.

(5) For each Distribution Date the Class 1-P Interests are entitled to all

amounts payable with respect to the Class 2-1-P Interest.







(9) The A-R Interests represent the sole class of residual interest in the

Master REMIC. The Class A-R Interests are not entitled to distributions

of interest.

REMIC 2:

The REMIC 2 Interests will have the Principal Balances, Pass-Through

Rates and Corresponding Master REMIC Classes provided in the following table:

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Principal Pass-Through Corresponding Master

Class Balance Rate REMI

Exhibit 1 - Walnut Place LLC v. Country Wide Home Loans Inc

Documents

Transcript of Exhibit 1 - Walnut Place LLC v. Country Wide Home Loans Inc